All articles tagged with #growth target
China says its economy grew 5% last year, meeting the official target despite a late-year slowdown to 4.5% and a four-year housing downturn; a record $1.2 trillion trade surplus and market diversification helped as analysts caution about domestic weaknesses and potential distortions in official statistics.
China's leadership, led by President Xi Jinping, emphasized plans to boost economic growth through proactive fiscal policies and moderately loose monetary measures at a high-level economic planning meeting. The government aims to maintain a growth target of around 5% for next year, with plans to increase the fiscal deficit and issue more bonds. These measures come amid external challenges, including potential U.S. tariffs under Donald Trump's presidency. The full details of the economic strategy will be announced at the National People's Congress in March.
Chinese officials defended the state of China's economy at a global finance summit in Hong Kong, assuring international CEOs that the country is on track to hit its growth target of about 5% this year. Despite an uneven recovery and challenges in the property market, officials highlighted China's working-age population, investment in research and development, and long-term status as an export powerhouse as reasons for optimism. The International Monetary Fund raised its outlook for China's economy, projecting GDP growth of 5.4% in 2023. However, concerns remain about the property sector and trade data, with exports falling and imports growing for the first time in eight months.
NIO reported Q1 deliveries at the low end of guidance, but CFO Wei Feng expressed confidence in reaching the company's 250,000 vehicle target for 2023, which translates to over 100% YoY growth. NIO is relying on the success of the NT2.0 platform shift and multiple product launches to achieve this target, but will need to prove that sedan demand is robust and SUV demand is resilient. The company's stagnant growth through much of 2021 and early 2022 means it has a lot to prove to investors, but reaching 200,000 vehicles in FY23 could still provide value for investors.
China's retail sales growth for the first two months of the year matched expectations, while real estate investment fell further. Industrial production for the January-February period rose by 2.4%, less than the 2.6% expected by a Reuters poll. Unemployment in cities ticked up to 5.6% in February, 0.1 percentage points higher than in January, and the unemployment rate for young people ages 16 to 24 remained persistently high at 18.1%. Chinese authorities this month announced a growth target of around 5%, which new premier Li Qiang cautioned would not be easy for the country to achieve.